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Paradise corporation budgets on an annual basis

16/10/2021 Client: muhammad11 Deadline: 2 Day

1.The WRT Corporation makes collections on sales according to the following schedule:

20% in month of sale

71% in month following sale

9% in second month following sale

The following sales have been expected:


Expected Sales

April

$110,000

May

$130,000

June

$120,00

Budgeted cash collections in June should be budgeted to be:

A. $120,000

B. $126,200

C. $116,300

D. $120,990

2. Paradise Corporation budgets on an annual basis for its fiscal year. The following beginning and ending inventory levels (in units) are planned for next year.

Beginning Inventory

Ending Inventory

Raw material*

43,000

53,000

Finished goods

83,000

53,000

*Three pounds of raw material are needed to produce each unit of finished product.

If Paradise Corporation plans to sell 495,000 units during next year, the number of units it would have to manufacture during the year would be:

A. 452,000 units

B. 495,000 units

C. 525,000 units

D. 465,000 units

3.Morie Corporation is working on its direct labor budget for the next two months. Each unit of output requires 0.71 direct labor-hours. The direct labor rate is $10.00 per direct labor-hour. The production budget calls for producing 7,700 units in March and 7,500 units in April. The company guarantees its direct labor workers a 40-hour paid work week. With the number of workers currently employed, that means that the company is committed to paying its direct labor work force for at least 5,480 hours in total each month even if there is not enough work to keep them busy. What would be the total combined direct labor cost for the two months?

A. $107,920

B. $109,600

C. $108,050

D. $128,250

4.The manufacturing overhead budget at Amrein Corporation is based on budgeted direct labor-hours. The direct labor budget indicates that 4,000 direct labor-hours will be required in August. The variable overhead rate is $8 per direct labor-hour. The company's budgeted fixed manufacturing overhead is $43,240 per month, which includes depreciation of $3,520. All other fixed manufacturing overhead costs represent current cash flows. The August cash disbursements for manufacturing overhead on the manufacturing overhead budget should be:

A. $39,720

B. $75,240

C. $71,720

D. $32,000

5.The manufacturing overhead budget at Pendley Corporation is based on budgeted direct labor-hours. The direct labor budget indicates that 6,100 direct labor-hours will be required in August. The variable overhead rate is $8.50 per direct labor-hour. The company's budgeted fixed manufacturing overhead is $111,630 per month, which includes depreciation of $24,960. All other fixed manufacturing overhead costs represent current cash flows. The company recomputes its predetermined overhead rate every month. The predetermined overhead rate for August should be:

A. $18.30

B. $26.80

C. $23.30

D. $8.50

6. Vandel Inc. bases its selling and administrative expense budget on budgeted unit sales. The sales budget shows 2,900 units are planned to be sold in April. The variable selling and administrative expense is $3.40 per unit. The budgeted fixed selling and administrative expense is $35,790 per month, which includes depreciation of $4,400 per month. The remainder of the fixed selling and administrative expense represents current cash flows. The cash disbursements for selling and administrative expenses on the April selling and administrative expense budget should be:

A. 45,650

B. 41,250

C. 31,390

D. 9,860

7. The Adams Corporation, a merchandising firm, has budgeted its activity for November according to the following information:

• Sales at $500,000, all for cash.

• Merchandise inventory on October 31 was $225,000.

• The cash balance November 1 was $23,000.

• Selling and administrative expenses are budgeted at $75,000 for November and are paid for in cash.

• Budgeted depreciation for November is $35,000.

• The planned merchandise inventory on November 30 is $255,000.

• The cost of goods sold is 70% of the selling price.

• All purchases are paid for in cash.

• There is no interest expense or income tax expense.

The budgeted cash receipts for November are:

A. $365,000

B. $500,000

C. $135,000

D. $535,000

8.LFM Corporation makes and sells a product called Product WZ. Each unit of Product WZ requires 2.6 hours of direct labor at the rate of $22.00 per direct labor-hour. Management would like you to prepare a Direct Labor Budget for June.

The budgeted direct labor cost per unit of Product WZ would be:

A. $30.00 per unit

B. $22.00 per unit

C. $57.20 per unit

D. $6.20 per unit

9.LFM Corporation makes and sells a product called Product WZ. Each unit of Product WZ requires 2 hours of direct labor at the rate of $16.00 per direct labor-hour. Management would like you to prepare a Direct Labor Budget for June.

The company plans to sell 39,000 units of Product WZ in June. The finished goods inventories on June 1 and June 30 are budgeted to be 610 and 110 units, respectively. Budgeted direct labor costs for June would be:

A. $1,269,500

B. $1,250,750

C. $616,500

D. $1,232,000

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